§ 4-915. Family of limited income

   (a) Factors for setting income limits. --

   (1) The Secretary shall set upper limits on the income that a family or individual may have to qualify as a family of limited income.

   (2) In setting the limits, the Secretary shall consider factors that include:

      (i) the portion of the total family income available for housing;

      (ii) the size of the family;

      (iii) the cost and condition of available housing;

      (iv) the ability of the family to compete successfully in the private housing market; and

      (v) relevant standards and definitions established for federal and State housing programs.

(b) Waiver. -- The Secretary may waive income limits for a borrower or occupant seeking a Program loan to rehabilitate a building that the State historical preservation officer finds historically or architecturally significant.

HISTORY: An. Code 1957, art. 83B, § 2-302(e); 2005, ch. 26, § 2.